COVID and the housing market

[Mad Mike]

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Legend has it that my old high school (now known as RH King Academy) had a Bomb Shelter and a gun range under the football field. It was eventually blocked off. There was even stories of a ghost in the school.

It's so old that one day while at school, the Air Raid horn went off. All the students were totally thrown off, and we thought we were being attacked for some reason.

In my early 30s I rented a large relic of a house in Gormley. It was built in the early 60s by the guy who invented the lint brush.

It had a bomb shelter under the garage complete with 6 bunks, washroom, kitchenette and pantry.

 

[crankcall]

Wealthy Americans built a lot of bomb shelters in the fifty’s s , now they are converted to panic rooms for home invasions. Not Russian invasions…..

Friends in downtown Burlington had their hundred yr old house underpinned to make the basement usable. The clay was so hard and compacted they used jack hammers and broke it out in blocks . No wonder the guys that dug it first stopped at about six fr


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[mimico_polak]

Wealthy Americans built a lot of bomb shelters in the fifty’s s , now they are converted to panic rooms for home invasions. Not Russian invasions…..

Friends in downtown Burlington had their hundred yr old house underpinned to make the basement usable. The clay was so hard and compacted they used jack hammers and broke it out in blocks . No wonder the guys that dug it first stopped at about six fr


Sent from my iPhone using GTAMotorcycle.com

Yup, clay is super hard when compacted. When we built cross passages b/w tunnels the clay comes off in chunks and we needed jack hammers to break through it.

Once the cross passage was big enough for a rover to go in we used that instead....much easier on the back and guys doing the work. Thankfully I was the field engineer at the time...I don't envy those guys at all.

In other news...

‘People are panicking’: Snowbirds rush to sell Florida homes as loonie tanks

MONTREAL — Cesidia Cedrone has been soaking up the rays at her Florida condo every winter since 2011. “Sunshine all the time. Don’t have to shovel snow. The beach, the sand…” the Ontarian said from her second home in Hallandale Beach, halfway between Miami and Fort Lauderdale. Last week, her...

toronto.citynews.ca

 

[timtune]

I fired the same things at air cadets. Those things were heavy.

Lots of air cadets flew gliders. Did you get to do that?
My first six week summer camp at Camp Ipperwash we went on a 2 week exchange to Camp Valcartier in Quebec and we were flown there in a Herc. That was cool.

 

[nobbie48]

Lots of air cadets flew gliders. Did you get to do that?
My first six week summer camp at Camp Ipperwash we went on a 2 week exchange to Camp Valcartier in Quebec and we were flown there in a Herc. That was cool.

No glider flight but a ride in a Tri-pacer and a military scenic over the falls with the rest of the squadron.

I fell in love with gliders ( sail planes) when I saw one perform aerobatics at an air show in Oshawa. All that fun and no noise. Harley riders take note.

A ride is on my bucket list and a half brother is a glider instructor in New Zealand. I went the power route getting my private pilot licence and a Cherokee 180. Fun but expensive.

 

[GreyGhost]

No glider flight but a ride in a Tri-pacer and a military scenic over the falls with the rest of the squadron.

I fell in love with gliders ( sail planes) when I saw one perform aerobatics at an air show in Oshawa. All that fun and no noise. Harley riders take note.

A ride is on my bucket list and a half brother is a glider instructor in New Zealand. I went the power route getting my private pilot licence and a Cherokee 180. Fun but expensive.

Don't wait for NZ, book a flight at SOSA for the summer. You aren't getting younger, it's cheap, close and safe. Have fun.

 

[nobbie48]

Yup, clay is super hard when compacted. When we built cross passages b/w tunnels the clay comes off in chunks and we needed jack hammers to break through it.

Once the cross passage was big enough for a rover to go in we used that instead....much easier on the back and guys doing the work. Thankfully I was the field engineer at the time...I don't envy those guys at all.

In other news...

‘People are panicking’: Snowbirds rush to sell Florida homes as loonie tanks

MONTREAL — Cesidia Cedrone has been soaking up the rays at her Florida condo every winter since 2011. “Sunshine all the time. Don’t have to shovel snow. The beach, the sand…” the Ontarian said from her second home in Hallandale Beach, halfway between Miami and Fort Lauderdale. Last week, her...

toronto.citynews.ca

Some of that sounds crazy, like the eggs at a buck each. Will the US border be on the watch for egg smugglers. At about thirty cents an egg here the market is ripe.


“In Canadian dollars, last week I paid $18 for 18 eggs,” Cedrone said.

But departures by Canadians were picking up even before that slide.

Insurance premiums have shot up in recent years because of more extreme weather, costing Cedrone more than US$16,000 a year — 10 times the rate when she first bought the property.

She also paid nearly US$4,000 in taxes versus US$1,500 a decade and a half ago.

Meanwhile, property upgrades required by stricter building codes meant residents had to cough up thousands more over the last few years, forcing the couple to remortgage their second home.

Trust it or not YouTube is full "The sky is falling" videos about Florida real estate

 

[mimico_polak]

Some of that sounds crazy, like the eggs at a buck each. Will the US border be on the watch for egg smugglers. At about thirty cents an egg here the market is ripe.


“In Canadian dollars, last week I paid $18 for 18 eggs,” Cedrone said.

But departures by Canadians were picking up even before that slide.

Insurance premiums have shot up in recent years because of more extreme weather, costing Cedrone more than US$16,000 a year — 10 times the rate when she first bought the property.

She also paid nearly US$4,000 in taxes versus US$1,500 a decade and a half ago.

Meanwhile, property upgrades required by stricter building codes meant residents had to cough up thousands more over the last few years, forcing the couple to remortgage their second home.

Trust it or not YouTube is full "The sky is falling" videos about Florida real estate

Agreed...but when you have retirees on fixed incomes, and their costs of maintenance, insurance, etc goes up....and add another 20-30% exchange rate fluctuation...that 'affordable' condo / home in Florida just shot up in price anywhere from 30-50% or more.

I know I wouldn't be happy if my costs of maintenance got picked up 30-50%, and that doesn't include my costs of living here at home atop that.

Gets expensive fast.

 

[Mad Mike]

Yup, clay is super hard when compacted. When we built cross passages b/w tunnels the clay comes off in chunks and we needed jack hammers to break through it.

Once the cross passage was big enough for a rover to go in we used that instead....much easier on the back and guys doing the work. Thankfully I was the field engineer at the time...I don't envy those guys at all.

In other news...

‘People are panicking’: Snowbirds rush to sell Florida homes as loonie tanks

MONTREAL — Cesidia Cedrone has been soaking up the rays at her Florida condo every winter since 2011. “Sunshine all the time. Don’t have to shovel snow. The beach, the sand…” the Ontarian said from her second home in Hallandale Beach, halfway between Miami and Fort Lauderdale. Last week, her...

toronto.citynews.ca

I feel that pain. The annual operating costs have increased by 30% on my FL property since 2020 due to increases in HOA fees, property taxes, and exchange rates.

At the end of this season I'll have to decide whether to sell it or move into it.

 

[nobbie48]

Don't wait for NZ, book a flight at SOSA for the summer. You aren't getting younger, it's cheap, close and safe. Have fun.

Nah. I'll just keep flying Air Canada. They're overdue for another Gimli Glider event.

 

[GreyGhost]

Agreed...but when you have retirees on fixed incomes, and their costs of maintenance, insurance, etc goes up....and add another 20-30% exchange rate fluctuation...that 'affordable' condo / home in Florida just shot up in price anywhere from 30-50% or more.

I know I wouldn't be happy if my costs of maintenance got picked up 30-50%, and that doesn't include my costs of living here at home atop that.

Gets expensive fast.

The flip side of that is if you sell, you get a big slug of canadian dollars (assuming you choose to bring them back in).

 

[GreyGhost]

Nah. I'll just keep flying Air Canada. They're overdue for another Gimli Glider event.

I know a bunch of AC pilots. I would be happy with one of them in the cockpit in that situation. Ex-military. A bazillion hours. Solid guy. The rest seem ok but their flight experience is formal training, simulators and lots of sitting in the cockpit watching gauges. I want the guy that has been shot at when crap hits the fan.

 

[mimico_polak]

I feel that pain. The annual operating costs have increased by 30% on my FL property since 2020 due to increases in HOA fees, property taxes, and exchange rates.

At the end of this season I'll have to decide whether to sell it or move into it.

And from all signs here you’re not a person that is struggling financially.

Now add 30% to someone on a fixed income…different story.

 

[crankcall]

My US house adventure in Arizona ended with a few yrs of seventy five cent dollars . For many the FLA project when you factor health insurance, which is becoming impossible for many , high rise condos that insist you carry ins . And the now thirty percent exchange yikes . And if you follow the actual rules when you sell you get to pay US capital gains as a foreign investor , gains on the exchange rate , and possibly cdn capital gain on foreign investments. Some of these people may be lucky to just get out from under the bills .

My FIL had a double wide hurricane magnet near Largo ( Clearwater) and when we had to sell it in his behalf , we sold the place turn key ( and it was nice) , appliances furnished dishes in the cupboard for One dollar US , because the monthly park fee was Eight hundred bucks a month , a grand cdn and we just needed it gone . We paid a twenty five hundred dollar service charge to sell it for a buck .


Sent from my iPhone using GTAMotorcycle.com

 

[Mad Mike]

Some of that sounds crazy, like the eggs at a buck each. Will the US border be on the watch for egg smugglers. At about thirty cents an egg here the market is ripe.


“In Canadian dollars, last week I paid $18 for 18 eggs,” Cedrone said.

But departures by Canadians were picking up even before that slide.

Insurance premiums have shot up in recent years because of more extreme weather, costing Cedrone more than US$16,000 a year — 10 times the rate when she first bought the property.

She also paid nearly US$4,000 in taxes versus US$1,500 a decade and a half ago.

Meanwhile, property upgrades required by stricter building codes meant residents had to cough up thousands more over the last few years, forcing the couple to remortgage their second home.

Trust it or not YouTube is full "The sky is falling" videos about Florida real estate

Eggs were $4.80US/18 in December, they are 6.20 (about $10CAD). Parts of the country have lost a large part of their egglayers to Avian flu so spot prices for organic, hand-fed, and living the dream in their air-conditioned waterfront chicken coops could be $18/doz.

If she paid $4000 in taxes and $16,000 in insurance in SW FL... she's in a pretty fancy waterfront home.

Don't believe everything you read. There are a few areas that surged in prices over the last 4 years, mostly in university areas and along the Space coast. Those will get hit by Trump policies and might see a slight decline, but don't hold your breath for bargains in South Florida. the population is still growing and it's hard to do new builds as building costs are now exceeding market prices for new homes.

That said, SW Florida is a bargain compared to the GTA. A house in SW FL costs between 1/3 and 1/2 what it costs in the GTA, and property taxes are less than 1/3.

 

[GreyGhost]

My US house adventure in Arizona ended with a few yrs of seventy five cent dollars . For many the FLA project when you factor health insurance, which is becoming impossible for many , high rise condos that insist you carry ins . And the now thirty percent exchange yikes . And if you follow the actual rules when you sell you get to pay US capital gains as a foreign investor , gains on the exchange rate , and possibly cdn capital gain on foreign investments. Some of these people may be lucky to just get out from under the bills .

My FIL had a double wide hurricane magnet near Largo ( Clearwater) and when we had to sell it in his behalf , we sold the place turn key ( and it was nice) , appliances furnished dishes in the cupboard for One dollar US , because the monthly park fee was Eight hundred bucks a month , a grand cdn and we just needed it gone . We paid a twenty five hundred dollar service charge to sell it for a buck .


Sent from my iPhone using GTAMotorcycle.com

My parents had a place in an inland park. The economic swings are crazy. New is ~$250K+$750/month rent/water/power. Used can be down to $1 for a damaged unit that was signed over to the park to get out from under the rent, to $25K in a typical year to pushing $100K at high times. While they were modular, some were getting big. Their friends was something like 4000 sq ft and he bought it for a buck, put about $20K and lots of hours into it and had a nice second home.

 

[Mad Mike]

My US house adventure in Arizona ended with a few yrs of seventy five cent dollars . For many the FLA project when you factor health insurance, which is becoming impossible for many , high rise condos that insist you carry ins . And the now thirty percent exchange yikes . And if you follow the actual rules when you sell you get to pay US capital gains as a foreign investor , gains on the exchange rate , and possibly cdn capital gain on foreign investments. Some of these people may be lucky to just get out from under the bills .

FIRPTA requires withholding of taxes on sales of US residential properties >$300K. This is a withholding, there will be no capx paid in the US, it's paid only to Canada.

Health insurance for snowbirds isn't a killer if you know how to do it. Until we reach 65, we get $5M emergency health insurance with my credit card - I need to do a side trip every 30 days. After that I qualify for Medicare in the US, the wife will go with Greenshields Medivac at $180/mo.

My FIL had a double wide hurricane magnet near Largo ( Clearwater) and when we had to sell it in his behalf , we sold the place turn key ( and it was nice) , appliances furnished dishes in the cupboard for One dollar US , because the monthly park fee was Eight hundred bucks a month , a grand cdn and we just needed it gone . We paid a twenty five hundred dollar service charge to sell it for a buck .

That does happen. Uncle just bought a late model doublewide in an AZ trailer park for $1000. The owners wanted out of their 5 year ground lease.

 

[nobbie48]

FIRPTA requires withholding of taxes on sales of US residential properties >$300K. This is a withholding, there will be no capx paid in the US, it's paid only to Canada.

Health insurance for snowbirds isn't a killer if you know how to do it. Until we reach 65, we get $5M emergency health insurance with my credit card - I need to do a side trip every 30 days. After that I qualify for Medicare in the US, the wife will go with Greenshields Medivac at $180/mo.

That does happen. Uncle just bought a late model doublewide in an AZ trailer park for $1000. The owners wanted out of their 5 year ground lease.

Everything down there is a crap show. Didn't DJT say something about ending FEMA?

Travel insurance is a crap show if you read the fine print about exclusions and exceptions. Unlike car insurance, they underwrite after a claim and go over the big ones with a fine-tooth comb.

Pre Covid and pre 75 I could get a year's coverage for under $300 now it's close to $2000. Same for the Mrs. The medical part is more than the trip.

I have to check on short term coverage. No way on earth I'm paying four grand to shop in Buffalo.

A friend couldn't sell his dump time share on the market, not being offered a cent. He, on paper, sold it to a guy going bankrupt for a dollar. Pity the bank that repossessed it.

Then there are all the dumbasses that never went to the condo annual meetings but now want to know how things got so bad. It's common here as well with turn out so low there isn't a quorum and proxies are needed.

 

[nobbie48]

My parents had a place in an inland park. The economic swings are crazy. New is ~$250K+$750/month rent/water/power. Used can be down to $1 for a damaged unit that was signed over to the park to get out from under the rent, to $25K in a typical year to pushing $100K at high times. While they were modular, some were getting big. Their friends was something like 4000 sq ft and he bought it for a buck, put about $20K and lots of hours into it and had a nice second home.

Watch the fine print and assume the worst even here in Canada with some of the senior's complexes. You buy the house and lease the land.

When you sell the house there is a massive "Departure fee" on top of the real estate fee and the place has to be refurbished to like new, as dictated by the Nazi property manager. Needless to say, the contractor they choose is expensive. In some cases, the fees exceed half the selling price and with the residents being seniors often don't stay that long.

 

[nobbie48]

Eggs were $4.80US/18 in December, they are 6.20 (about $10CAD). Parts of the country have lost a large part of their egglayers to Avian flu so spot prices for organic, hand-fed, and living the dream in their air-conditioned waterfront chicken coops could be $18/doz.

If she paid $4000 in taxes and $16,000 in insurance in SW FL... she's in a pretty fancy waterfront home.

Don't believe everything you read. There are a few areas that surged in prices over the last 4 years, mostly in university areas and along the Space coast. Those will get hit by Trump policies and might see a slight decline, but don't hold your breath for bargains in South Florida. the population is still growing and it's hard to do new builds as building costs are now exceeding market prices for new homes.

That said, SW Florida is a bargain compared to the GTA. A house in SW FL costs between 1/3 and 1/2 what it costs in the GTA, and property taxes are less than 1/3.

Eggs here are close to $4.00 but twice the price at the gourmet stores. Add Uber delivery and who knows.

I've never tried to figure out Uber pricing but it only sounds good for Uber.

When my parents started going to Panama City Beach for the winter in the 1980's she would be laughing about the low prices, even bringing back nonperishables. Then it started to change, and she would see groceries with Canadian style prices but they were American dollars. That was 20 years ago.

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